SHAREMARKET Profit-taking leads to nervousness

Press, 23 July 1987, Page 28

SHAREMARKET Profit-taking leads to nervousness

The New Zealand sharemarket continued to suffer from profit-tak-ing yesterday as prices fell further in slightly more nervous trading. There were five falls for every three rises, with the NZSE capital index down 5.92 points to 1142.45 and the Barclays’ Index of 40 industrial shares 18.66 points lower to 3304.13. The mining index slipped again for the third day in a row. Trading was moderately active, with turnover 9.4 million shares valued at $18.4 million — an average of 196 c a share. NZI led the turnover figures, followed closely by Brierley Investments, Fletchers, and Chase Corporation: these four accounted for 45 per cent of sales.

Brierleys fell 8c to 431, while its Hong Kong offshoot lEP dropped 5c to 575 and its United Kingdom subsidiary, Tozer KM shed 10c to 370 for a loss of 30c so far this week.

NZI was unchanged, as were Fletchers and Chase.

Of the market darlings Capital Markets Euronational, and Renouf Corporation lost 5c each to 377, 365, and 210. Equiticorp sold 6c down to 389, Jarden lost 8c to 240, and Judge was 5c lower at 455. Robert Jones Investments dropped a further 7c to 238. Shares of local com-

panies to feature among the falls were Energy Corp, which reversed a recent strong run by falling 15c to 225; PDL also lost 15c, to 260, Skellerup was 2c cheaper, and Amur! Corporation down 3c to 72c. Feltex gave up 3c to 345, Carter Holt 2c to 422, Lion also 2c to 690, while Progressive Enterprises at 325 and New Zealand Salmon at 115 both lost sc. Rises of 3c were chalked up by Rainbow, to 230, Goodman Fielder, to 518, and Smiths City Market, to 138 — the latter in response to an excellent profit report. LWR put on 5c to 135. NZ Steel, in the news with the Government’s rejection of offers for the company, was down 3c to 50c. Though good stock is still being well bid when the market looks like its coming off everyone’s going to say "let’s sell,” one broker said. "Buttle Wilson was a large seller in the market with clients deciding to take some profit along the way, although Jarden’s bid the market up buying in Chase and Equitlcorp,” the broker said. September share price futures selling was a feature of the day — going down as far as 3360. The market is expected to trend down today, with more futures being sold, the broker said.